Friday, March 5, 2010

Whoaaaa!!!

My SPU position is up over 18% today! I know I made a promise not move my stops intra-day but after such a huge move a retrace seemed inevitable. So I moved my stop loss up to $7.48 (just below intra day support of $7.50) and was stopped out a while ago. Here is the chart:



I made a profit of just over $400.00 on this trade. I was risking about $82.00 on this one. So I give my self an A grade on this one. Ordinarily I would have tried to hold on to this stock for a longer term move but its really hard to hold through the volatility in these small cap Chinese socks. So I am resorting to taking profits of 4R to 5R in these. However, with steadier stocks like ASPS and CIT, I will definitely be holding out for 20R+ trades!

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